This startup completed its A series equity round, raised Rs 600 crore
InCred, a startup and an NBFC, provides its customers fast, easy and painless loans with the help of technology and data science.
Loans are required to finance for aspects such as housing, education, motor vehicle purchase or to set up ones business. Many banks provide with the facility of loans. But the entire process of getting a loan is not only tedious but also slow to finally get the funds. InCred, a startup and an NBFC, provides its customers fast, easy and painless loans with the help of technology and data science. They believe that the traditional methods of getting loans are outdated, rigid and often inefficient.
InCred started in 2016 by Bhupinder Singh, with the aim to provide simplified the lending process with a sharp focus and also a truly superior borrowing experience.
The A series equity round raised Rs. 600 crore, led by Dutch development finance institution FMO. US-based asset manager Moore Capital, India/Latin America-focused PE fund Elevar, and Alpha Capital, were also part of this round.
The critical factors that the investors considered to participate in the seed funding is InCred's top-notch talent pool, comprehensive experience in financial services and technology, and nimble high-quality execution track record. They are also impressed by InCred’s long-term vision of Tech-based disruption and its outreach strategy for serving the under-banked segment within the Indian market.
On the development, InCred CEO and Founder Bhupinder Singh said, “Urban migration, increasing disposable incomes, and digitization has brought India close to the tipping point of rapid growth in financial services. This will create a massive gap between the demand and supply of credit across all strata of society. Financial institutions that can use technology to deliver innovative products with quality customer experience are best placed to serve this gap. Key to long term success will be laser-sharp focus on risk management through a combination of analytics and traditional underwriting. InCred has demonstrated all of this in its first phase of existence and will now take it to the next level with its new equity partners.”
This is InCred's first funding round since 2016, when it raised Rs 550 crores from Bhupinder Singh, Anshu Jain former Co-CEO Deutsch Bank, Dr. Ranjan Pai, MD and CEO Manipal Group, Gaurav Dalmia, Chairman Dalmia Group Holdings, and Alpha Capital alongside others.